EXHIBIT 99.1
[CONNETICS LOGO]
COMPANY CONTACT: INVESTOR RELATIONS:
- ---------------- -------------------
John Higgins Ina McGuinness or Bruce Voss
Chief Financial Officer Lippert/Heilshorn & Associates
(650) 843-2800 (310) 691-7100
jhiggins@connetics.com imcguinness@lhai.com
CONNETICS ANNOUNCES AGREEMENT WITH DISTRIBUTOR
OF SORIATANE TO SELECT INTERNATIONAL MARKETS
POTENTIAL TO GENERATE INCREMENTAL $11.0 MILLION TO $13.0 MILLION IN
ANNUAL PRODUCT SALES
PALO ALTO, CALIF. (JULY 28, 2004) - CONNETICS CORPORATION (NASDAQ: CNCT), a
specialty pharmaceutical company that develops and commercializes dermatology
products, today reported it has signed a multi-year consent with Roche to sell
Soriatane(R) to a U.S.-based distributor that exports branded pharmaceutical
products to select international markets. Connetics estimates that sales to this
distributor could potentially generate an incremental $11.0 million to $13.0
million in Soriatane sales annually through 2007. Product sold to this
distributor is not permitted to be resold in the U.S. Under the terms of the
agreement, Connetics will pay a royalty to Roche on Soriatane sales to this
distributor. Including the potential impact of this relationship, Connetics
projects Soriatane sales for 2004 to total $47.0 million to $49.0 million.
ABOUT CONNETICS
Connetics Corporation is a specialty pharmaceutical company focused on the
development and commercialization of innovative therapeutics for the dermatology
market. The Company's marketed products are OLUX(R) (clobetasol propionate)
Foam, 0.05%, Luxiq(R) (betamethasone valerate) Foam, 0.12%, and Soriatane(R)
(acitretin) capsules, 10 mg and 25 mg. Connetics is developing Extina(R), a foam
formulation of the antifungal drug ketoconazole, Actiza(TM), a foam formulation
of clindamycin for treating acne, and Velac(R), a combination of clindamycin and
tretinoin for treating acne. Connetics has branded its innovative foam drug
delivery vehicle VersaFoam(R). These formulations aim to improve the management
of dermatological diseases and provide significant product differentiation, and
have earned wide acceptance by both physicians and patients due to their
clinical effectiveness, high quality and cosmetic elegance. For more information
about Connetics and its products, please visit www.connetics.com.
ABOUT SORIATANE
Soriatane is a convenient, once-daily oral medication supplied as 10 mg and 25
mg capsules that is indicated for the treatment of severe psoriasis in adults,
including plaque, erythrodermic, pustular, guttate and palmar-plantar. Clinical
efficacy studies show that 76% of patients taking Soriatane have statistically
significant improvement in as little as 8 weeks. At six months, 40% of patients
experienced complete or almost complete clearing of their psoriasis; at 12
months, patients continued to experience statistically significant improvement
in symptoms. Since Soriatane is neither immunosuppressive nor cytotoxic, it can
be used without the risk of reducing a patient's resistance to common
infections.
In women of childbearing potential, Soriatane should be reserved for patients
who have not responded to other therapies or whose clinical condition makes
other treatments inappropriate, because the drug may
-More-
cause serious birth defects. Women who are pregnant or might become pregnant
within three years after stopping therapy should not take Soriatane.
Aside from birth defects, less frequent but potentially serious adverse events
that have been reported include liver toxicity, pancreatitis and increased
intracranial pressure, as well as bone spurs, alteration in lipid levels,
possible cardiovascular effects and eye problems. For more information about
Soriatane visit www.soriatane.com.
SAFE HARBOR STATEMENT
Except for historical information, this press release includes "forward-looking
statements" within the meaning of the Securities Litigation Reform Act. All
statements included in this press release that address activities, events or
developments that Connetics expects, believes or anticipates will or may occur
in the future are forward-looking statements, including, but not limited to,
statements about revenue forecasts and product information correctness. These
statements are based on certain assumptions made by Connetics' management based
on experience and perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond Connetics' control, and which could
cause actual results or events to differ materially from those expressed in such
forward-looking statements. Any such projections or statements include
Connetics' current views with respect to future events and financial
performance. No assurances can be given, however, that these events will occur
or that such results will be achieved. Factors that could cause or contribute to
such differences include, but are not limited to, risks and other factors that
are discussed in documents filed by Connetics with the Securities and Exchange
Commission from time to time, including Connetics' Annual Report on form 10-K
filed for the year ending December 31, 2003 and form 10-Q for the quarter ended
March 31, 2004. Forward-looking statements represent the judgment of the
Company's management as of the date of this release, and Connetics' disclaims
any intent or obligation to update any forward-looking statements.
NOTE: Full prescribing information for any Connetics prescription product is
available by contacting the Company.
# # #